Interest is considered to be a strong haraam and a grave sin, but isn’t interest needed as a fundamental basis for starting a bank and being able to hand out loans?
Q: Interest is considered to be a strong haraam and a grave sin, but isn’t interest needed as a fundamental basis for starting a bank and being able to
hand out loans?
A: This is on the basis of disbelief and as a result of the corrupt capitalistic mindset.
And Allah Ta’ala (الله تعالى) knows best.
Read these QA to learn more..
- Some time ago in my past I took educational loans (loans for schooling). Even then I knew it wasn’t right. I knew I wouldn’t be able to repay them before the “grace period” ended and interest would begin to be charged on them. What can I do now to rectify this great wrong? I have made tauba (forgiveness prayer) several times. Is there anything else I should do to right this situation with Allah? I mean I can’t even pay them back now and interest will continue to be charged on the loans until every penny is paid back. Basically I want to know is making the Tauba enough. I have the intention to never take interest bearing loans again and I want to pay these off as soon as possible. Is there anything else I should do?
- Dear Muftisab, I have huge loans from the bank and have a lot of difficulty of paying the same. I am praying to allah to resolve me of my difficulties of finishing up the loans to the bank. I have a building in which there are 2 floors vacant and i have refused to let out the building to the banks because thier income is from interest. I would like to know “can I give the building to the bank and take the income and finish of the loans which are prevailing ” is it allowed in islam. Please let me know at your earliest. Regards, Irfan Bandukwala
- I work in a private non-Islamic bank, my job is in the Credit department where we give loans to companies in order to help them in buying new machines & financing their production cycle. All loans are given after thorough studing & analysis to companies’ risks & operations, the bank ofcourse receives interest on said loans which is pre-agreed upon in the contracts. My job also involves approaching new companies as to market our loan packages. Is my salary/job permissable or not?
- I live in Canada and as soon as I am 19 years of age inshallaah the bank takes interest from our account. Even though i don’t take a loan the bank still takes interest from the pay cheques I make. Also regarding credit cards buying home or cars I know these are worldy desires and interest is Haram but is there forgiven for people who live in a society of interest?
- I want to purchase a car through one of Indian banks for 2 years loan basis. The bank will pay whole amount to the car company and will deduct from salary on monthly basis with 12 person interest. For example if the car cost the bank 5 lakh the bank will charge me with 5 lakh 50 thousand rupees. Please let me know if it is ok in the light of Islamic Shariah.
- To the honorable scholar, please provide the answer to the following inquires; Can a Muslim get interest being a resident or citizen in un Islamic country in the following conditions? Q #1: A person deposits his hard earning money to the bank account and bank put interest to his money on regular basis. Q #2: Some time people get loan from the bank or financial institution to accomplish his necessities and that institution charges interest on the loan. Q #3: Another critical condition, for buying a home, as houses are too expensive that none a single person can buy a home easily without mortgage and pay interest on that mortgage. Q #4: Insurance, which is another developed shape of interest. Are there same laws implement as in Islamic state / country or any exemption available in un Islamic state? Can Muslim get insurance in un Islamic country to protect his assets? JazakaAllah Ho Khairah!